Bharat Forge to raise Rs 300 Crores through a Preferential offer to the Promoters

Bharat Forge Ltd has announced that the Board of Directors of the Company at its meeting held on February 27, 2008 approved a Preferential Issue of Convertible Warrants subject to requisite approval by the Shareholders and the applicable guidelines to the Promoters Group.

Pricing of the issue will be governed by the Guidelines for Preferential Issue in terms of the applicable SEBI Guidelines.

The Company will raise Rs 300 crores through the issue of these convertible warrants. The proceeds will form a part of the corpus that will serve a two-fold purpose of funding the Company's ongoing organic growth programme in the capital goods and non auto space as well as enhancing the Promoters stake in the Company.

The stock closed the day at Rs.285.60, down by Rs.7.80 or 2.66%. The stock hit an intraday high of Rs.305.50 and low of Rs.283.

The total traded quantity was 62277 compared to 2 week average of 87740.

Source : Equity Bulls

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